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5 tips for talking to your kids about money

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canada goose outlet toronto factory As a parent, you may worry that having conversations with your kids about money will spoil their work ethic or cause them to make inappropriate Canada Goose Parka comments about family wealth in public. But avoiding the topic may send the wrong message that there is something shameful, or even harmful, in talking about canada goose uk black friday money. canada goose outlet toronto factory

canada goose black friday sale “Overcoming the reluctance to talk about money is the first step on the road to helping your children form a healthy relationship with wealth,” says Glenn Kurlander, head of Family Governance and Dynamics at Morgan Stanley Wealth Management. “As part of any family wealth management strategy, having meaningful conversations about Canada Goose Coats On Sale money empowers you and your kids to find ways to use your capital to help reach your goals.” canada goose black friday sale

canada goose outlet parka Here are five tips to help you get started. Whether it’s the house you live in, the car you drive or the vacations you take, your children are surrounded canada goose black friday sale by clues to family wealth, but may lack the context to understand what that money really means, Kurlander points out. “For younger kids, the lack of context may come Canada Goose Jackets from lack of experience with handling or earning money,” he says. “For older children, even sophisticated ones, the lack of context may be tied to lack of a larger framework for understanding the values you have as a family about wealth.” canada goose outlet parka

canada goose outlet sale As a parent, you should think about creating an canada goose uk outlet appropriate context for answering these important questions: canada goose outlet sale

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canada goose outlet black friday Before you discuss money with your kids, you (and your spouse) may need to examine your own values about wealth. “Many parents have a clear sense of the values that they’d like their kids to develop with respect to money, but may be less discerning about Canada Goose Online their own values or whether those values align with their behavior,” Kurlander says. canada goose outlet black friday

canada goose outlet canada “If your lifestyle is driven by conspicuous consumption but you repeatedly tell your kids that money can’t buy happiness, your kids will question whether the values you preach are aligned with the behavior you practice. A Question is Worth a Thousand Answers canada goose outlet canada

As a general rule, conversations are much more effective than lectures. The focal point should be your family’s values and what you as a family hope to accomplish with what you have, and not how much you have. Ask your kids questions that encourage them to canada goose coats formulate their own answers.

canada goose outlet in usa For https://www.canadagoosestorevip.com example, if your child asks you, “Are we rich?” your response might be, “That’s a really interesting question. You tell me; what does it mean to be rich?” This type of Socratic dialogue cheap canada goose uk helps kids arrive at their own conclusions about the real meaning of wealth and happiness. canada goose outlet in usa

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official canada goose outlet To truly get the message across, you have to live, not just speak, your values. “If you want Canada Goose online your kids to learn the necessity of budgeting, saving and making choices about money, give them an allowance and don’t bail them out if they run out of money in the middle of the week,” Kurlander says. official canada goose outlet

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Talking with kids about Canada Goose sale money “is an ongoing dialogue, not a one time conversation,” Kurlander advises. “As your children grow, and their responsibilities, priorities and relationship with money change, conversations about wealth will evolve. By keeping the conversation going, you uk canada goose and your children can continually use your financial capital to live out your family values and goals.

canada goose canada goose outlet reviews Morgan Stanley Smith Barney LLC (Morgan Stanley), its affiliates, employees and Morgan Stanley Financial Advisors are not in the business of providing tax or legal advice, and these materials and any statements contained herein should not be construed as tax or legal advice. Individuals should consult their personal tax advisor or attorney for matters involving taxation and tax planning and their attorney for matters involving personal trusts and estate planning canada goose outlet reviews.